The 4 Basic Home Loans

FHA

• 3.5% Down Payment
• Minimum credit score 580 
• Maximum seller contribution is 6% of sales price
• 25 - 30 days standard loan processing turn times, 21 days or less if borrower is already pre-qualified

Conventional

• 5% down payment
• 5% - 10% down payment allows 3% seller contribution, 11% - 25% down payment allows 6% seller contribution
• More than 25% down payment allows for 9% seller contribution
• Investor purchase - Limited to 2% seller contribution
• Minimum credit score 580
• 25 - 30 standard loan processing turn times, 21 days or less if borrower is already pre-qualified

USDA

• 0% down payment allows for 6% seller contribution
• Subject to income and property requirements https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
• Longer processing and underwriting turn times, 35 - 40 days
• USDA status hotline number: (254) 742-9781

VA

• 0% down payment
• 4% in seller contributions over and above the non-allowable's 
• Minimum credit score 580
• Requires termite inspection
• VA funding fee for regular military is financed into the loan (unless disabled)
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Homes for sale in Alvin, TX

Homes for sale in Rosharon, TX